Daily Technical Report
December 20, 2012
Exhibit 1: Nifty Daily Chart
Sensex (19476) / NIFTY (5930)
Yesterday, we witnessed a gap up opening as suggested by
the SGX Nifty early in the morning. Indices maintained their
early gains and remained within half a percent range
throughout the session to close well above the 5900 mark.
On sectoral front, Auto, Healthcare and Metal counters were
the major gainers. The Capital Goods, FMCG and
Consumer Durables sectors ended with marginal loss. The
advance to decline ratio was strongly in favor of advancing
counters (A=1651 D=1310) (Source -www.bseindia.com).
Formation
The ’20-day EMA’ and the ’20-week EMA’ are placed at
19117 / 5815 and 18480 / 5613 levels, respectively.
On the weekly chart, we are witnessing a breakout from
‘Downward Sloping Trend Line’ joining two significant
swing highs of 19811 / 5944 (April 2011) and 19137 /
5815 (Oct 2012) at 19050 / 5800 level.
The 38.20% and 50% Fibonacci retracement levels of
the rise from 18255 / 5548 (low on November 20,
2012) to 19612 / 5965 (high on December 11, 2012)
are at 19100 - 18930 / 5806 - 5755, respectively.
Source: Falcon:
Trading strategy:
Tuesday’s strong recovery was followed by a quiet session
Actionable points:
yesterday. Although a very narrow trading range was seen
for the session, the bias still remains positive. There is no
View for the day
Neutral
significant change in the chart structure and hence we
Resistance Level
5965
reiterate our view that indices are likely to move towards their
Support Levels
5910 - 5878
next resistance level of 19612 / 5965. On the flipside,
Tuesday’s low of 19149 / 5823 will now act as a key support
for our benchmark indices. Generally, it is observed that
during last two weeks of the December month, the volume
activity is very low and hence, market’s trading range
becomes narrower towards the year end. Traders are
advised to adopt stock specific approach and follow strict
stop losses.
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Daily Technical Report
December 20, 2012
Exhibit 2: Bank Nifty Daily Chart
Bank Nifty Outlook - (12510)
Yesterday, Bank Nifty opened on a positive note and traded
in narrow range throughout the session to close near the
initial opening level. As expected and mentioned in our
previous report, the index continues to consolidate in the
mentioned range of 12568 - 12197. We are now witnessing
a “Spinning top” candlestick pattern near the resistance level
of 12568. Going forward, yesterday’s low of 12455 is likely
to act as short term support for the index. A move below this
level may lead the index lower towards 12384 - 12340
levels. On the other hand, a move above yesterday’s high of
12571 is likely to attract significant buying interest among
market participants. In this scenario the index is likely to test
the 12700 level.
Actionable points:
View for the day
Neutral
Resistance Levels
12571 - 12700
Support Levels
12455 - 12384
Source: Falcon:
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Daily Technical Report
December 20, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
19,374
19,425
19,471
19,521
19,567
NIFTY
5,898
5,914
5,927
5,942
5,955
BANKNIFTY
12,396
12,453
12,512
12,569
12,629
ACC
1,394
1,404
1,414
1,425
1,435
AMBUJACEM
204
208
210
213
215
ASIANPAINT
4,239
4,334
4,391
4,487
4,544
AXISBANK
1,308
1,321
1,342
1,355
1,376
BAJAJ-AUTO
2,077
2,110
2,133
2,166
2,190
BANKBARODA
841
851
860
870
879
BHARTIARTL
311
313
316
319
322
BHEL
229
232
233
235
237
BPCL
343
350
355
362
367
CAIRN
319
322
325
328
331
CIPLA
411
415
418
423
425
COALINDIA
350
353
356
360
363
DLF
220
223
226
228
231
DRREDDY
1,816
1,835
1,847
1,866
1,878
GAIL
345
347
350
352
355
GRASIM
3,196
3,215
3,230
3,249
3,264
HCLTECH
629
635
639
645
649
HDFC
813
822
836
845
858
HDFCBANK
669
679
684
693
699
HEROMOTOCO
1,868
1,892
1,907
1,931
1,946
HINDALCO
126
128
129
131
132
HINDUNILVR
517
520
524
526
530
ICICIBANK
1,118
1,128
1,143
1,154
1,169
IDFC
175
176
178
179
181
INFY
2,259
2,278
2,289
2,307
2,319
ITC
285
287
291
294
298
JINDALSTEL
446
453
459
466
471
JPASSOCIAT
102
102
103
104
105
KOTAKBANK
654
661
665
672
676
LT
1,598
1,616
1,645
1,662
1,691
LUPIN
599
608
616
625
632
M&M
957
963
969
975
981
MARUTI
1,472
1,491
1,504
1,523
1,536
NTPC
152
153
155
156
157
ONGC
256
260
263
267
270
PNB
833
842
852
861
871
POWERGRID
114
115
116
118
119
RANBAXY
501
506
510
516
519
RELIANCE
830
835
839
844
848
RELINFRA
517
521
525
530
534
SBIN
2,336
2,354
2,381
2,399
2,426
SESAGOA
194
196
198
200
202
SIEMENS
661
665
671
675
680
SUNPHARMA
729
747
758
776
788
TATAMOTORS
296
302
305
311
314
TATAPOWER
105
106
107
108
108
TATASTEEL
413
418
422
427
431
TCS
1,208
1,220
1,228
1,241
1,249
ULTRACEMCO
1,996
2,007
2,020
2,030
2,043
WIPRO
370
378
383
391
395
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Daily Technical Report
December 20, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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